Unearned gain. That's what Democrats are calling an estate that family members inherit from a deceased parent.
FAMILY BUSINESSES, especially the family farm, were key to making this country successful. Upon the parents' death, the federal estate tax will require spouses, sons and daughters to give up what their family worked a lifetime to create together. In case you haven't figured out why, it's because the estate tax is based on net worth and few small business owners have enough money in the bank to pay it. Most of their net worth is tied up in the physical property associated with the family business ... real estate, inventory, machinery, etc. Therefore, the only way to pay the estate tax will be to sell the family business.
Never mind that the whole family made the business/farm successful and productive! The government has decided that the rest of the family HAS NO RIGHT to the net worth and will force them to give it up to pay federal taxes that the government has decided they have more right to than the remaining family that helped create that net worth.
THIS IS SICK!!!! IT IS CONFISCATION OF PERSONAL PROPERTY THAT WAS MEANT(!) TO BE PROTECTED BY THE CONSTITUTION!
All parents worth their salt strive to provide a better future for their kids than they had themselves. They pour heart, soul and resources into their family business, their family home, and other items of material value so that their kids will have a more comfortable life before and after the parents' death. Most of us parents work hard to have a better life for ourselves AND to give our kids a leg up in life. WE PAY OUR TAXES ON ALL THAT WE EARN. Our net worth has been taxed already. So, when we die, the government thinks they have a right to ANOTHER BIG percentage of that net worth just because we die.
That means that net worth got taxed at about 35% when it was earned and ANOTHER 35% when the 'earners' die and try to pass it on to their kids. Why does the government think that they have a right to that much of our personal property? Why do they think they have a right to CONFISCATE some 2/3 of our net worth and give it to people who people who'd rather live on the welfare of others?
Democrats say they have a right to that money because it is like a 'windfall' to the heirs ... unearned!?!? The government has a right given to them by The People to collect taxes on profits from a person's labor ... NOT, I SAY NOT(!), FROM THE ACT OF DYING!!! GADS! The profits on that business have ALREADY BEEN PAID BY THE PARENTS! Taxing that profit again upon a person's death is wrong and just plain stupid! What is it about Democrats that make them think this is either moral OR constitutional?
Of course this is ALL ABOUT REDISTRIBUTION OF WEALTH. Nothing more nor less. Democrats will find many creative ways to justify taking one person's created wealth and GIVE IT TO OTHERS WHO HAD A WHOLE LOT LESS TO DO WITH IT'S CREATION THAN SURVIVING FAMILY MEMBERS ... AND WHO, TO A GREAT EXTENT WOULD RATHER LIVE OFF THE HARD WORK OF OTHERS THAN WORK AS HARD THEMSELVES. Taxing it once is one thing. Taxing a family's business into insolvency and bankruptcy is totally another.
A large estate tax is immoral, period! Democrats should not be allowed to get away with passing such a heartless, businesses-killing, family-destroying tax.
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